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Here's Why Alibaba Shares Sold Off Today
Chinese e-commerce giant Alibaba (BABA - Free Report) closed down 8.1% on Tuesday after Shanghai Stock Exchange officials suspended the mega IPO of Ant Group. Ant Group was founded by BABA co-founder Jack Ma and came from Alipay, BABA’s mobile and online payment platform.
Ant was set to be the world’s biggest IPO in a dual listing on the Shanghai and Hong Kong stock exchanges. The IPO would have generated at least $34 billion in proceeds and given Ant a market cap of $310 billion. But after a meeting with Chinese regulators and company executives, the Shanghai exchange said the offering might no longer meet listing requirements.
Ant’s IPO would have surpassed Saudi Aramco’s $29.4 billion IPO last year, while BABA would have been the third largest IPO.
BABA is still up over 34% year-to-date.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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